Landlords Are Bypassing Banks For Independent Bookstores
When it comes to leasing space, some landlords are starting to take the road less traveled.
While independent bookstores are rarely able to offer the same creditworthiness or rents that a bank or pharmacy can afford, some landlords find they can provide something of greater value for their retail centers — a cool factor, the indi Deal Reports.
It is this mom-and-pop indie vibe landlords are attempting to reinstate with independent bookstores, which are known to serve as meeting spaces and often result in creating a town square around the store. This can be a benefit to landlords looking to drive traffic to their properties.
Many small businesses have been threatened by dominant retailers like Amazon and Walmart, leaving a gap in communities where independent shops were once a central feature. But like a swinging metronome that trend is now shifting, again.
In New York's Mott Haven district, a bookstore and wine bar called the Lit.Bar will soon occupy space in the ground floor and basement of the JCAL building, a four-story apartment that will also be home to a bar and restaurant called Beatstro. The two concepts are expected to complement each together, allowing visitors to eat dinner at Beatstro before heading to Lit.Bar where they can read book, sip wine and chill, The Real Deal reports.